M&A Deal Summary

US Cellular Acquires PrimeCo Personal Communications

On May 10, 2002, US Cellular acquired communications company PrimeCo Personal Communications from Clarity Partners, Peppertree Capital, CIVC Partners, DN Partners and Trimaran Capital Partners for 610M USD

Acquisition Highlights
  • This is US Cellular’s 1st transaction in the Communications sector.
  • This is US Cellular’s largest (disclosed) transaction.
  • This is US Cellular’s 1st transaction in the United States.
  • This is US Cellular’s 1st transaction in Illinois.

M&A Deal Summary

Date 2002-05-10
Target PrimeCo Personal Communications
Sector Communications
Buyer(s) US Cellular
Sellers(s) Clarity Partners
Peppertree Capital
CIVC Partners
DN Partners
Trimaran Capital Partners
Deal Type Add-on Acquisition
Deal Value 610M USD

Target

PrimeCo Personal Communications

Itasca, Illinois, United States
website
PrimeCo Personal Communications LLC is a wireless telecommunication services provider.

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Buyer(S) 1

Buyer

US Cellular

Chicago, Illinois, United States

website


Category Company
Founded 1983
Sector Communications
Employees5,300
Revenue 4.0B USD (2020)
DESCRIPTION
US Cellular's headquarters in Chicago, Illinois.
US Cellular's headquarters in Chicago, Illinois.

US Cellular is a provider of cellular communication to individuals and businesses and services the communication needs of mid-sized and rural markets in the US. US Celluar was formed in 1983 and is based in Chicago, Illinois.


DEAL STATS #
Overall 1 of 1
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Illinois) 1 of 1
Country (United States) 1 of 1
Year (2002) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 5

SELLER

Clarity Partners

Sherman Oaks, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Clarity Partners is a specialist private equity firm focused on investments in the communications and media sectors. Specific areas of interest include wireless, wireline and broadband services and applications; communications infrastructure; traditional and emerging media; information technology and business services. Clarity will consider making investments at all stages of company development, including early and late stage venture investing, growth equity financings, leveraged buyouts, and divestitures. Clarity Partners was formed in 2000 and is based in Beverly Hills, California.


DEAL STATS #
Overall 1 of 14
Sector (Communications) 1 of 4
Type (Add-on Acquisition) 1 of 7
State (Illinois) 1 of 2
Country (United States) 1 of 13
Year (2002) 1 of 1
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-04-01 Oxygen Media

New York, New York, United States

Oxygen Media LLC is a cable television programming network and media company serving women audiences with a mixture of entertainment and information.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-05-01 Vue

London, United Kingdom

VUE is an international cinema operator with more than 2,400 screens located at over 285 sites across 10 European countries. Vue was founded in 1998 and is based in London, United Kingdom.

Buy -
SELLER

Peppertree Capital

Chagrin Falls, Ohio, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 135M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Peppertree Capital Management, Inc. (PCM) is a private equity firm that targets middle market wireless telecommunication infrastructure companies. PCM focuses on growing companies with recurring, predictable cash-flows, and led by management with proven track records. Areas of interest include telecommunications, media and recurring services. Target transaction types include buyouts, recapitalizations and growth capital financings. Peppertree Capital Management, Inc. was formed in 2003 and is based in Chagrin Falls, Ohio. The Firm has an additional office in Dallas, Texas.


DEAL STATS #
Overall 2 of 10
Sector (Communications) 2 of 6
Type (Add-on Acquisition) 2 of 6
State (Illinois) 1 of 1
Country (United States) 2 of 10
Year (2002) 1 of 1
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-07-02 PrimeCo Personal Communications

Itasca, Illinois, United States

PrimeCo Personal Communications LLC is a wireless telecommunication services provider.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-12 Marlin Capital Solutions

Mount Laurel, New Jersey, United States

Marlin Capital Solutions is a nationwide provider of capital solutions to small businesses with a mission of helping small businesses fulfill their American dream. Our products and services are offered directly to small businesses and through financing programs, with independent equipment dealers and other intermediaries. Marlin Capital Solutions was founded in 1997 and is based in Mount Laurel, New Jersey.

Sell -
SELLER

CIVC Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1970
PE ASSETS 1.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CIVC Partners is a private equity firm that provides buyout and growth capital to middle-market businesses located in the US and Canada. CIVC invests in companies generating sales of $40 - $300 million with an EBITDA of $5 to $25 million. Sectors of interest include Business Services, Information Services, Facility Services, Insurance Services, Transportation & Logistics, Tech-enabled Services, BPO, SaaS, Compliance Services, Corporate Training, IT Services, and Utility Services. The firm invests in the range of $20 - $100 million per transaction. CIVC prefers to be the lead equity sponsor and will consider both majority and minority investment situations. CIVC Partners was formed in 1970 and is based in Chicago, Illinois.


DEAL STATS #
Overall 17 of 47
Sector (Communications) 2 of 2
Type (Add-on Acquisition) 4 of 14
State (Illinois) 3 of 7
Country (United States) 17 of 46
Year (2002) 3 of 3
Size (of disclosed) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-05-03 Teletouch Communications

Fort Worth, Texas, United States

Teletouch Communications provides wireless messaging, cellular and two-way radio communications services in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Oklahoma, Texas and Tennessee. The Company focuses on smaller metropolitan markets where it believes there is less competition and more opportunity for internal growth than in larger metropolitan areas. Teletouch's common stock is traded on the American Stock Exchange under the stock symbol TLL.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-01-01 Ownit Mortgage

Agoura Hills, California, United States

Ownit Mortgage Solutions operates as a wholesale mortgages lender. It offers various loan products to homebuyers and mortgage brokers.

Buy -
SELLER

DN Partners

Chicago, Illinois, United States

website


Category Private Equity Firm
Founded 1995
Size Small
Type Sector Agnostic
DESCRIPTION

DN Partners private equity firm that invests in profitable, lower middle-market headquartered in the Midwest. The Firm looks to invest $3 to $15 million in businesses valued from $20 to $100 million through a variety of transaction situations. These include corporate spin-offs, family succession transactions, recapitalization, consolidations, and management buyouts. Target sectors include manufacturing, distribution, food and beverage, and business services. DN Partners was established in 1995 and is headquartered in Chicago, Illinois.


DEAL STATS #
Overall 1 of 7
Sector (Communications) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (Illinois) 1 of 1
Country (United States) 1 of 4
Year (2002) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-07-02 PrimeCo Personal Communications

Itasca, Illinois, United States

PrimeCo Personal Communications LLC is a wireless telecommunication services provider.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-22 Crysteel Manufacturing

Lake Crystal, Massachusetts, United States

Crysteel Manufacturing, Inc. is a manufacturer of dump and platform bodies and hoists for the construction, landscaping, agricultural, military, public sector highway departments and short haul trucking markets.

Sell -
SELLER

Trimaran Capital Partners

New York, New York, United States

Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 3.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Trimaran Capital Partners is a middle-market private equity investor. The Firm seeks long-term capital appreciation by making privately negotiated equity or equity-oriented investments in niche middle-market companies. Trimaran generally looks to invest $25 to $100 million of equity in transactions ranging in value from $100 million to $1 billion. Sectors of interest include business services, financial services, energy, healthcare, manufacturing, and media. Trimaran Capital Partners was formed in 1998 and is based in New York City.


DEAL STATS #
Overall 1 of 9
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (Illinois) 1 of 1
Country (United States) 1 of 9
Year (2002) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-07-02 PrimeCo Personal Communications

Itasca, Illinois, United States

PrimeCo Personal Communications LLC is a wireless telecommunication services provider.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-10-22 Norcraft Companies

Eagan, Minnesota, United States

Norcraft Companies, Inc. is a manufacturer of kitchen and bathroom cabinetry in the United States and Canada. Norcraft provides its customers with a single source for a broad range of high-quality cabinetry, including stock and semi-custom cabinets manufactured in both framed and frameless (full access) construction. Norcraft was formed in 1966 and is based in Eagan, Minnesota.

Buy $315M